Our company has purchased a vehicle , partly financed from cash at bank and part from a Hire Purchase agreement (24 months)
Having not used nominal ledgers in QF before, please can you explain how to enter the asset , the HP credit and the HP payments?
Hi I had this for a client are you vat registered as you will need to do a purchase invoice for car net value and another invoices with vat and the other with net figures as the vat return wont pick up the value as you would pay off the vat first when buying on HP.Make another nominal code up for HP Interest e.g-bank charge interest.then allocate the interest to that code and then the value of the car to asset-motor vehicle net value
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